Iran, Indonesia Ink Big LPG Deal
TEHRAN (Tasnim) – Iran clinched a deal with Indonesia to sell the Southeast Asian country 80,000 tons of liquefied petroleum gas (LPG).
Iranian Oil Minister Bijan Namdar Zanganeh and Indonesia’s Minister of Energy and Mineral Resources Sudirman Said signed the deal in Tehran on Monday.
The LPG will be delivered to Indonesia in two cargoes.
According to the agreement, Iran’s export of LPG to Indonesia will rise to 500,000 tons next year.
Speaking to reporters, Zanganeh said Iran has left the doors open for cooperation with Indonesian state-run and private companies in trade of crude and oil products, as well as joint investment in oil refining industry and development of oil fields.
Back in March, Indonesia’s state-owned oil and natural gas corporation, Pertamina, said the country plans to buy 120,000 barrels per day of Iranian crude oil.
Iran’s oil exports have been on the rise since the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), was implemented in January and terminated anti-Iran nuclear-related sanctions.
A recent report by the International Energy Agency has shown that Iran’s oil production has returned to the level of pre-sanctions era, reaching 3.56 million barrels a day in April, the highest since November 2011.
Data also shows that Iran’s crude exports have increased to 2 million barrels a day, close to the level before a host of Western sanctions caused Iran’s crude production to drop dramatically.
